Real Estate Tips

Published 12:03 pm, Thursday, July 10, 2014

House for sale at 112 Whiteview Road in Wynantskill Wednesday March 21, 2012. (John Carl D'Annibale / Times Union)

House for sale at 112 Whiteview Road in Wynantskill Wednesday March 21, 2012. (John Carl D'Annibale / Times Union)

Photo: John Carl D'Annibale

Real Estate Tips

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Getting The Price You Want

When you decide to sell your home, determining the asking price is one of the most important decisions you make. Buyers these days have many resources available to them when researching the real estate market, and price is often the first thing he or she will see. Many homes are immediately discarded by prospective buyers because of the price — even before they are seen.

Your asking price is often your home's "first impression." To get the most money from the sale of your home, it is imperative you make a great first impression.

Pricing too high can be as costly as pricing too low. An analysis of what homes have recently sold for in your neighborhood is not enough to help you properly price your home. It is a starting point.

Understanding how buyers look for a home is an important factor in the process. Remember back to when you were shopping for your home. You most likely looked at many homes, in several different neighborhoods or areas, to find a home that best suited your needs. The true amount that a buyer is willing to pay for your home is based on today's market, competition, financing, economic conditions, the buyer's perception of the property condition and location. It is not based on what you have in your home, what you need to get out of it, what it is assessed for, what you hear that your neighbor's house sold for or what it is insured for.

As a seller, there are certain things you can control and certain things you cannot control while going through the home selling process. You can control access to the property when needed, the condition of the property and the price you ask. You cannot control market conditions, the motivation of the competition and the value.

If your home is being shown with no results, buyers are finding other properties in your price range. There are many ways for a professional real estate agent to help you determine the proper starting price for your home, based on the similar style, age, condition and location. The best approach to this process is to interview more than one agent and find out who provides the most knowledge on market conditions, can provide references (don't be afraid to call them), has a sound marketing plan and is a great match with your personality.